Immediately after the second Formula One qualifying session at Albert Park, the Australian V8 Supercar series competed in their third and final race for the weekend.

The event took the form of a ten lap sprint, and the grid was decided according to the positions in which drivers finished the Saturday race.

The BOC Falcons of John Bowe and Brad Jones filled the front row of the grid, with Marcos Ambrose, Russell Ingall and Mark Skaife immediately behind.

At the first corner, Ambrose, Ingall and Skaife passed Jones, who botched his start. The field got through the first turn without incident, as Bowe led the thirty-two car field around the Melbourne grand prix circuit.

Ambrose was clearly faster than Bowe, and the defending champion found his way around the race leader on the back straight. This appeared to unsettle Bowe, who was subsequently passed by Russell Ingall and Mark Skaife on the last corners of the first lap.

Skaife enjoyed an apparent advantage in traction over Ingall, reeling the Stone Brothers Racing Falcon in, closing the gap to the point where he could make an easy pass at the tight turn three, slipping under the Enforcer under brakes.

Will Davison connected with Steven Ellery on lap five, punting the Betta Electrical Ford off the circuit and into the sand-trap. Davison later admitted that he out braked himself, and that he was at fault for the accident.

Only moments later, Paul Radisich and Tony Longhurst clashed in similar fashion, leaving Longhurst beached in the increasingly populated Albert Park sand traps.

After passing Bowe, Ambrose had worked up a solid lead over most of the field, though he couldn't shake the HRT Commodore of Mark Skaife, who was lapping slightly faster, closing in on the race leader.